Milan, February 22, 2019 – Only 17 months after being founded, Casavo, the leading Italian online platform for instant buying in real estate, closed an additional funding round of $7.9M in equity. Leading the new funding round is Project A Ventures, the European venture capital fund based in Berlin. They are joining existing investors Picus Capital (from Munich) and Italian-French investors 360 Capital Partners. Also participating in this round – among others – are Kervis Asset Management, Boost Heroes (holding company led by Fabio Cannavale), Marco Pescarmona (founder and chairman of MutuiOnline Group), and Rancilio Cube. So far, Casavo raised more than $23.7M in both equity and debt funding.
“Casavo has grown quickly and gained the trust of the market and investors. The large influx of capital reflects investors’ strong conviction in our innovative business model. We are very proud to have opened the Italian market to international investors such as Project A. This capital injection is going to support our growth plans across Italy and Southern Europe and mission to improve the sellers’ and buyers’ experience in the residential property sector”, said Giorgio Tinacci, founder and CEO of Casavo.
First iBuyer in Italy - Casavo buys your home instantly
On average, it takes seven months to sell a residential property with the help of traditional brokers in the main Italian cities. The team behind Casavo however, believe in a simplified transaction experience, i.e. the Instant Buyer (iBuyer) model. For sellers, they eliminate the hassle and uncertainty of valuation, renovation, viewings and months of waiting until finally finding a buyer. Casavo’s automated valuation engine takes more than 70 variables into account and immediately provides potential sellers with the fair value of their property – and a purchase offer. Upon acceptance of the offer, Casavo arranges a free inspection of the property and the seller receives the full cash payment within 30 days.
The property is eventually renovated and sold to the next owner directly by Casavo. A clear and transparent process which fosters customer confidence and peace of mind. The combination of technological edge paired with the team’s focus on flawless execution enables Casavo to decrease time to sell – which ultimately is of the highest value to the customer.
Next steps: expansion across Southern Europe and an even shorter transaction process
Casavo closed more than 50 real estate deals investing more than $12.4M and grew from two to 30 employees in little more than a year. More than 700 real estate agencies have joined their network in Milan and Rome. As of April, Casavo will expand their operations to Turin and Florence, targeting other Italian metropolitan areas and then extending the service internationally in Southern Europe. Simultaneously, the newly received funding will be used to add more tech-features to the core product, with the goal to make the process more efficient and therefore increasing the speed of the transaction even more. Additionally, the company is working on further complementary services for customers to be provided in the near future.
“We’re thrilled to complete our first investment in Italy. Casavo’s track record is very exciting and we are impressed by the relentless focus on execution excellence demonstrated by Giorgio and his team. Our goal now is to support the company on its path to become the leading tech-enabled real estate platform in Italy and Southern Europe. We strongly believe that the Italian startup ecosystem is becoming more appealing for international venture capital funds which will fuel its growth in the coming years", commented Anton Waitz, General Partner at Project A Ventures, who led the funding round.